Sources inform "Globes" that Markstone Capital Partners Group LLC is seeking a buyer for the Magnolia jewelry chain. Markstone acquired Magnolia in October 2007 for $30 million.

Magnolia is a silver jewelry retail chain that was founded in 1996 by Udi Cohen before being sold to Markstone three years ago. The company operates 65 booths in shopping malls around Israel, of which 14 have been opened since Markstone bought the chain. No new outlets have been opened this year with the belief that the market has reached its full potential.

When Markstone made the acquisition, it said it believed that the engine of growth is the overseas market and it has opened 51 outlets abroad, five of them this year. There are a total of 61 overseas outlets operated by a subsidiary including 16 in the UK, 16 in Australia, 11 in Spain, 4 in Canada, 4 in Portugal and two in Hungary.

Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2010

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